How to save Money, Stress and Time when Transferring Currency
from Overseas Inheritances, Wills or Estates


Accessing funds left to you in a will, or other kind of inheritance currently held abroad, can be a complicated and expensive experience. It’s a shame, since severe stress and hassle is the last thing you need during what can be a very emotional time. Most people rely on their bank to bring back funds from overseas – but all too often they only add to the problem.

 

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As any financial expert will tell you, banks offer some of the poorest exchange rates, and can be stressful to deal with. This expense is often compounded by bad customer service in addition to the complicated process of arranging your transfer and having to deal with several staff in different departments.

But today there is a better alternative to the banks.

At currencytoday.co.uk our impartial experts have scoured the web and utilised industry expertise to bring you trusted currency brokers who can save you time and money. Which means that where there’s a will, there’s most definitely a simpler way.

Check out our comparison rates box to find the best deals updated in real-time. A new way to transfer currency.

As we’ve seen, banks are often the default method people use to bring back money held in accounts overseas. And why not? After all, we trust them with most of our day-to-day financial transactions. However, the truth is that the banks use this fact to provide uncompetitive exchange rates at the same time as making the whole process more complex for the customer. All of which can quickly make your inheritance dwindle away.

Using a bank can be difficult and time consuming. Dealing with automated phone systems and being put on hold to speak to an advisor takes up valuable time, while visiting a branch can be slow and tricky. And everybody knows the frustration of waiting for a bank assistant during your lunch hour only to be told they’re not available – or you haven’t brought the right documents.

Speedy, money-saving service

That’s why we recommend trying out a trusted currency broker to make your transaction. All of the top brokers we feature on the site can promise better-than-the-bank exchange rates and world-leading customer service.

Currency brokers can also offer:
  • Truly personal service. While banks shuffle you from person to person, currency brokers provide you with access to your own dedicated point of contact by phone or email.
  • Simple transactions. After receiving paperwork from a lawyer linking you to the funds (such as an official letter to satisfy anti-money laundering regulations) your currency broker can handle the rest.
  • Great exchange rates. Where banks offer up to 5% exchange rate margins, a currency broker can offer you less than 1% of the amount and this is reduced further as the transfer amount increases.
  • Super-fast and safe payments. Transfers back to your UK bank account will often be done the same day your broker receives the foreign currency. 
  • Easy management. Managing transactions online is secure and simple with a wide range of services including rate alerts and the freedom to fix the exchange rate before or after your money reaches the broker account. Also, it’s easy to save your bank details for future use.
  • 24/7 online service. Most of our currency brokers provide online access any time of the day so you can check the status of a transfer, view your transaction history and manage recipients. In some cases you will also be able to book transactions out of normal UK office hours subject to the currency markets being open and broker trading hours.
  • Expert advice. Having access to the right advice every step of the way from your very own dedicated currency specialist is invaluable when dealing with important financial matters overseas.
  • Free payment confirmations. Your broker can give you the reassurance the money’s on its way back to your UK bank account – at absolutely no extra charge.
Case study: How we helped Janet Rowntree make an emotional transatlantic transaction as stress-free as possible.

When 46-year-old Oxford resident Janet Rowntree found out about her beloved uncle’s death in America, it was only the start of a stressful personal journey. Her duties saw her fly to the USA and deal with a stack of paperwork before the lawyer in charge was ready to send her the will settlement of $150,000 back to the UK. Unfortunately, the lawyer could only make the transfer in dollars – which was a pain since Lloyds, her UK bank, wouldn’t open a dollar account for a single transaction. This meant the dollars would have to be sent to her sterling account before being converted.

Better than the bank

The big problem with this was that Lloyds couldn’t confirm the exchange rate her dollars would attract – leaving her in the dark on exactly how much she would receive. Lloyds could offer her an indication though – a not exactly competitive rate of 1.7160. Fed up with her bank, she decided to seek out alternatives – and soon came across currencytoday.co.uk while researching online. Janet was delighted to hear that by using a dedicated currency broker she could receive the money into a US dollar client account and they could handle the exchange from there.

After the solicitor arranged the transfer they could then agree an exchange rate beneficial to her, not a bank. She secured the rate with our experts at an extremely competitive 1.66 – which saved her £3000 compared to her bank, and resulted in a speedy sterling payment back to her Lloyds account.She was overjoyed with the hassle- and stress-free service she received. Which meant she could quickly close the book on a sad and unpleasant experience – and get on with enjoying life again.

Want to follow Jane’s lead? Fill out our contact form to find out how our currency experts can help you.

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